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Old 06-02-2021, 05:35 PM   #61
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I think most would agree that $9K+ on a not that "fancy" of a house in INSANE, and a big impediment to ER.
Nope, I consider it one of my expenses that I need to plan for like health insurance and food and transportation and entertainment and whatnot. Property tax by itself doesn't even come close to what I budget for food for instance.
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Old 06-02-2021, 08:31 PM   #62
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Speaking of some degree of disappointment with Realtors, I went to an open house a few days ago. I asked agent hosting what kind of stone the kitchen counters were---granite, or quartz, or Corian, or what? They were clearly "stone", that much I could tell.

Hosting agent looked at listing, did not find info, so he said he would find out that answer from listing agent and email me the answer. That evening the email answer came: counter was "laminated Formica".

This is the level of professionalism realtors are asking 6% for on several hundred thousand dollar transactions.
During busy times (like now), it's very unusual for an actual experienced realtor to be sitting at an open house. IME, most of the "realtors" that sit at the open house are the low person on the totem pole in an office. They seldom even read about the house they are in, and are pretty useless as far as making a sale. Open houses are mostly just an opportunity for other realtors to check the property out.
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Old 06-03-2021, 11:26 AM   #63
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Sorry, I didn't mean to turn this into a "dump on realtors" thread. Both realtors we used here in the Islands were Top Notch and helped us navigate the issues of Hawaii which are much different than our home state.

Back in our home state, the realtor involved in our first purchase helped us navigate a potentially devastating error that a SURVEYOR had made 2 years earlier. We bought a house that wasn't on the land we purchased - because the surveyor screwed up. Our realtor stepped in (those 2 years later) and forced the surveyor to redo all the work. The realtor figured a way to undo and then redo the sale - passing a dollar bill back and forth - it was one for the ages! When the surveyor had the gall to bill us, the realtor politely offered to ruin his reputation all over town! It was a thing of beauty.

On the limited topic of real estate taxes and their various "intricacies" I simply wanted to imply that Realtors should be "UP" on such things and help clients figure "about" what their costs will be. I don't think that is too much to expect for the money. Other than that, I'm sure we have horror stories about all the professions we deal with as YMMV.
And your post is a great example to show that there are good and bad with most professions. Be it Realtors (or sales agents), attorneys, physicians, well...you get the point.
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Old 06-03-2021, 11:28 AM   #64
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During busy times (like now), it's very unusual for an actual experienced realtor to be sitting at an open house. IME, most of the "realtors" that sit at the open house are the low person on the totem pole in an office. They seldom even read about the house they are in, and are pretty useless as far as making a sale. Open houses are mostly just an opportunity for other realtors to check the property out.
This. My DW has done 3 open houses in her almost 20 year career. All of them in the first 3 months of business. She used them to find clients that weren't represented.
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Old 06-03-2021, 11:32 AM   #65
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Doubtful. Aside from the noisy data, at ~1M/year legal immigration seems to still be near a high point except for the turn-of-the-last-century Ellis Island days.

https://www.migrationpolicy.org/prog...nent-Residents

I would guess that 2020 will be a bust due to Covid restrictions.
Permanent residents make up only one part of the number of legal immigrant workers coming to the US, and even this modest reduction is an accumulated 300K workers not in the labor force. With the retirement of baby boomers, immigration probably would have grown by that number in the same period.
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Old 06-03-2021, 05:20 PM   #66
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During busy times (like now), it's very unusual for an actual experienced realtor to be sitting at an open house. IME, most of the "realtors" that sit at the open house are the low person on the totem pole in an office. They seldom even read about the house they are in, and are pretty useless as far as making a sale. Open houses are mostly just an opportunity for other realtors to check the property out.
You may be correct in general, but we found our Hawaii realtor AT an open house. She was knowledgeable about the house she was tending. She was knowledgeable about the market. She knew what questions to ask us (what exactly are you looking for in terms of price, location, view, amenities, size, willingness to rehab, #BR/Baths, etc. and where are you now, what did you pay/when, what condition is it, how much can you put down, how are your finances, what is your credit rating, on and on ?) Then, she alerted us to a "trick" that we did not know (maybe true in other states as well): Hawaii has open houses every Sunday BUT virtually every property ALSO has a Thursday open house for realtors. The public is NOT excluded from these, but they ARE to familiarize realtors with the properties in the MLS books.

This realtor gave us her card but didn't apply any pressure to choose her. As we began visiting Sunday AND Thursday open houses (doubled the places we could see in a week) her name would come up. EVERY realtor we met knew her by name and reputation. They couldn't help themselves complimenting her ethics and abilities. Guess who we chose as our buying agent and later selling agent? YMMV as always.
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Old 06-03-2021, 05:57 PM   #67
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Y
This realtor gave us her card but didn't apply any pressure to choose her. As we began visiting Sunday AND Thursday open houses (doubled the places we could see in a week) her name would come up. EVERY realtor we met knew her by name and reputation.
This could have been posted in the "Amazing Coincidences" thread!

Of course, on one particular island, in one particular city, what are the chances most realtors would not know the other realtors on that same particular island and particular city?
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Old 06-04-2021, 03:32 PM   #68
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This could have been posted in the "Amazing Coincidences" thread!

Of course, on one particular island, in one particular city, what are the chances most realtors would not know the other realtors on that same particular island and particular city?
Point well taken though there ARE 100s of agents here spread across 600 square miles. It's just that we found "competitors" almost gushing over this particular agent. We were impressed. YMMV
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Old 06-04-2021, 04:38 PM   #69
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1,500 Austin homes sold for $100K over asking price since Jan. 1
https://www.kxan.com/news/local/aust...e-since-jan-1/

It is VERY often that homes on the West side of Austin to go on the Market on
a Thursday and state that "All offers are due on Monday".
My son sold his 3 bedroom home 1 month ago to a retired couple from Colorado who never set foot in the house and made an ALL CASH offer @ $86k over asking price.
He brought the home for $326k - 8 years ago and sold it for $675k
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Old 06-04-2021, 08:26 PM   #70
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1,500 Austin homes sold for $100K over asking price since Jan. 1
https://www.kxan.com/news/local/aust...e-since-jan-1/

It is VERY often that homes on the West side of Austin to go on the Market on
a Thursday and state that "All offers are due on Monday".
My son sold his 3 bedroom home 1 month ago to a retired couple from Colorado who never set foot in the house and made an ALL CASH offer @ $86k over asking price.
He brought the home for $326k - 8 years ago and sold it for $675k
Yeah home prices in our old home city have roughly doubled in the past year. Crazy. Prices are up locally in Hawaii, but not nearly to the extent others are mentioning. I guess our prices are always "crazy" so how much more can they go up? YMMV
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Old 06-04-2021, 09:45 PM   #71
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Since we have been considering selling our FL home we had a couple of different agents check the place out and give us their guess at a price based on comps. We got $360K and $375K, which is more than I was expecting. That was about 10 days ago. DW was just checking listings herself for comps in our neighborhood, and couldn't find anything similar to ours under $400K. It's getting pretty crazy out there. I know those are listing prices, but it sounds like they're selling at or above listing. We're not selling any time soon, so we might miss the crazy times, but unless there's a big dip as opposed to a slowing market our house will give us a nice profit when we're ready.
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Old 06-05-2021, 12:59 AM   #72
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The Wallethub article was amusing, for the reasons listed. One can only compare similar states. Based on the article CA is cheaper to live in than WV!
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Old 06-05-2021, 04:20 AM   #73
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I don't have a crystal ball but "any" chart always reverts to its mean. I don't know how that happens but it has always happened. Specifically for RE, biggest risk I see is the mortgage rate. In light of recent inflation fears, federal reserve may have to raise the interest rate sooner rather than later. RE prices has to come down significantly to make them affordable at a higher mortgage rate.

PS: Lower part of K will eventually pose new kind of problems for the country that no one can foresee. Again I don't know what is going to be the end result but everything is going the wrong way for the lower K.
This is a good point about everything going the wrong way for the lower part of the "K" and it is a real question what they'll do about it especially after last year. We do have political movements that are not above taking advantage of their energy and disaffectedness for their own advantage.

That's one small part of my calculus that led to me selling my current house in the DC suburbs (exurbs really ~40 miles away) to relocate to a rented house in a tier 2 city. That plan sees me retired in < 2 years followed by a move to Europe for a few years of site-seeing and experiencing new cultures. In the back of my mind it also has me avoiding physical violence that may be coming for extended periods of time in the US. Europe may be socialist, but they are fairly settled socialist. America is on the verge of "becoming" and nobody can predict what that will look like once it gets rolling.
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Old 06-05-2021, 04:40 AM   #74
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Originally Posted by dirt_dobber View Post
1,500 Austin homes sold for $100K over asking price since Jan. 1
https://www.kxan.com/news/local/aust...e-since-jan-1/

It is VERY often that homes on the West side of Austin to go on the Market on
a Thursday and state that "All offers are due on Monday".
My son sold his 3 bedroom home 1 month ago to a retired couple from Colorado who never set foot in the house and made an ALL CASH offer @ $86k over asking price.
He brought the home for $326k - 8 years ago and sold it for $675k
While selling is like that in the closer in counties in Northern Virginia (meaning closer to DC), the stories of houses selling for $100-$200k over asking or more, are on everyone's lips, that seems to be reserved for mostly Arlington and Fairfax. Out in Prince William my experience is that the market is a bit softer. We have a house I bought 18 years ago on the 18th fairway in a gated community for $378k. I just put $50k into it upgrading some of the features of the house and removing negatives. Our initial idea was to put it on the market for $610k (reasonably supported by the market). 40 days later after all the work was done, we reevaluated and bumped the go to market price to $629k. (This house was worth ~$525k during the height of the bubble). We put it on the market on Thursday. We had an offer that day for $650k no appraisal, no contingency. We did not respond because we had a full backlog of people wanting a showing during the weekend. We ended up with 6 offers (we closed bidding Sunday night). We ended up going with a couple downsizing from Fairfax after selling their > $1 Million house to put $250k down on ours. No appraisal, no contingency for $651,000 (their bid included an escalation clause up to $654k max.

So, the house did sell fast. I did have multiple offers. I did have no contingency and no appraisal. But I didn't see the price run up that some of the other areas are seeing. Still quite happy though. We move next week.
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Old 06-05-2021, 04:55 AM   #75
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On a legal forum I am on, there are a lot of mid sized firms that are learning the hard way that people are GOING TO WORK FROM HOME and it's not up for negotiation. A fella I went to law school with had 3 paralegals/assistants QUIT when they were told they would have to go back to the office. Some of the larger firms have decided that they will allow many of the "non attorney" employees chose if they want to work from home or at the office.
Interesting info. I work for a large cap multinational real estate information company. So, you can imagine the push to get into the office is strong since that what we "sell." We have pent up turnover from the pandemic, but even so, we're still running high at about ~20% instead of ~8%. A significant part of it is a no flexibility 5 days in the office requirement. Telework is not even an option. Our corp response is simply to replace those people. We began hiring before the policy was announced to replace the expected >10% of the people we figured would want to leave. That was widely considered by managers to be a down payment on what the and number would be.

That said, there is a rumor that once we get people back in the office and we're running ~50% right now, we may see an easing of this requirement on the tech side of the house, but not the rest of the company.
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Old 06-05-2021, 12:49 PM   #76
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Interesting info. I work for a large cap multinational real estate information company. So, you can imagine the push to get into the office is strong since that what we "sell." We have pent up turnover from the pandemic, but even so, we're still running high at about ~20% instead of ~8%. A significant part of it is a no flexibility 5 days in the office requirement. Telework is not even an option. Our corp response is simply to replace those people. We began hiring before the policy was announced to replace the expected &gt;10% of the people we figured would want to leave. That was widely considered by managers to be a down payment on what the and number would be.



That said, there is a rumor that once we get people back in the office and we're running ~50% right now, we may see an easing of this requirement on the tech side of the house, but not the rest of the company.


Iím so glad weíre retired and donít have to go into the office!!
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